Taxi licensees to benefit under Finance Bill

The Department of Finance today published the preliminary list of measures which will comprise the upcoming Finance Bill.

The Bill includes a range of proposals including the implementation of the move to tax credits, aligning the tax year with the calendar year and conversion to the euro.

The Bill also allows taxi drivers to write off the cost of taxi licenses as a capital allowance. The Bill will provide a write-off period of five years and the back dating of the commencement period to 21 November 1997.

Loopholes which previously allowed people to take advantage of certain tax relief packages will also be closed in the new Bill.

The Bill also proposes a number of adjustments to taxation arrangements for life assurance companies including the exemption of charities investing from tax.

Various tax incentives arising out of the Report on the Commission on the Private Rented Residential Sector including the extension of section 23 incentives on a targeted basis and rollover relief from capital gains tax will be made available to landlords if after selling one property for rented accommodation, they purchase another for the same purpose.